When it comes to managing and securing your cryptocurrency assets, hardware wallets, and software wallets are considered to be two of the most popular options available. Hardware wallets such as the Ledger Nano X and the Trezor Model T offer added security with their offline storage capabilities, while software wallets are more convenient and accessible with the ability to access them on the go. These wallets offer a range of features and security options to help protect your crypto assets.
In this article, we’ll take a closer look at the unique features of these two wallet types and compare them to help you decide which one is right for you. Whether you’re a seasoned crypto trader or just starting out, this guide will provide you with all the information you need to make an informed decision on how to store and manage your cryptocurrency assets.
What Is A Crypto Wallet?
Similar to a physical wallet, a cryptocurrency wallet lets you store cryptocurrencies such as Bitcoin, Ethereum, etc. Since cryptocurrency is a virtual currency, the wallet is used to store your private key or backup seed, which is used to carry out crypto transactions.
Having said that, it is important to note that there are two types of crypto wallets:
- Software wallets, such as Coinbase, Gemini, BlockFi, and others.
- Hardware wallets, namely Trezor, Ledger, Mycelium, and many more.
Software Wallet Vs. Hardware Wallet
A software wallet is like a mobile or computer application that lets you perform all the functions mentioned above. But, even though the hardware wallet performs the same function, it is a physical device and not an application.
Hardware wallets are not connected to the internet and are thus considered a safer option. Because of this, they are also known as “cold storage” or “cold wallets.” There are numerous hardware wallets available on the market, and they are all loaded with features.
Let’s study Ledger vs Trezor, 2023’s most popular hardware wallets, and see how they are different from each other.
Founded in 2014 and headquartered in Paris, Ledger is a fast-growing hardware wallet. It is best known for its advanced security and blockchain apps.
BOLOS, Ledger’s native technology, has been integrated into its lines of wallets to ensure security.
Pros Of Ledger
- Set-up easily
- User-friendly interface
- Support of 1500+ digital assets
- Supports Bluetooth connectivity
- Excellent battery life
Cons Of Ledger
- Not open-source platform (closed-source)
Trezor is a hardware wallet that was released in 2013. It is a part of SatoshiLabs and is headquartered in Prague, Czech Republic.
Pros Of Trezor
- Touchscreen colored display
- High-level security
- Wide variety of supported cryptocurrencies
- Open-source platform
- Regular firmware updates
Cons Of Trezor
- Lacks mobile app
- Not compatible with Bluetooth
- Plastic case
- A bit on the pricier side
Unique Features of Ledger Nano X
The unique feature of Ledger Nano X is its Secure Element, a type of chip generally used in passports and payment systems. As per Ledger, it ingrains essential countermeasures against attacks and makes it “tamper-proof and resistant to hacks.”
- Bluetooth Connectivity: The Ledger Nano X allows for Bluetooth connectivity, allowing you to manage your cryptocurrencies on the go with the Ledger Live mobile app.
- Increased Storage Capacity: The Ledger Nano X has a storage capacity of up to 100 apps, which is 10 times more than its predecessor, the Ledger Nano S.
- Improved Security: The Ledger Nano X features a new Secure Element, a microprocessor certified to Common Criteria EAL5+, the highest level of security for a microprocessor.
- Larger Screen: The Ledger Nano X features a larger, 128×64 pixel OLED display, making it easier to navigate and confirm transactions.
- USB Type-C: The Ledger Nano X uses USB Type-C, which allows for faster data transfer and charging.
- Multi-Currency Support: The Ledger Nano X supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many more.
- Integration with Ledger Live: The Ledger Nano X can be integrated with the Ledger Live software, allowing for easy management and tracking of your crypto assets.
- Two-Factor Authentication: The Ledger Nano X has an added layer of security with the ability to set up two-factor authentication, providing an extra layer of protection to your crypto assets.
Recently, Ledger launched Ledger Stax. It is a user-friendly platform designed for the seamless management of your cryptocurrency and NFTs. With its state-of-the-art curved E Ink touchscreen, you can easily and accurately sign your transactions with clarity and comfort. You can personalize your device by customizing the lock screen with your favorite NFT or photo to make it uniquely yours. Trust in the uncompromising security provided by Ledger and enjoy peace of mind while using Ledger Stax for your day-to-day crypto needs.
Unique Features of Trezor Model T
The Trezor Model T goes old school with its unique security feature, but it works like a charm. The device has a microSD card slot, which enables the user to have additional encrypted storage in the future. Right now, the card can be used to encode the PIN and further safeguard the physical device against serious attacks.
- Touchscreen Display: The Trezor Model T features a full-color touchscreen display, making it easy to navigate and confirm transactions.
- Advanced Security: The Trezor Model T features advanced security features such as passphrase protection, seed recovery, and password manager.
- Multi-Currency Support: The Trezor Model T supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many more.
- USB Type-C: The Trezor Model T uses USB Type-C, which allows for faster data transfer and charging.
- Easy Recovery: The Trezor Model T has an easy recovery feature that allows you to recover your private keys and seed phrase using the device’s built-in recovery seed.
- Integration with Trezor Wallet: The Trezor Model T can be integrated with the Trezor Wallet, allowing for easy management and tracking of your crypto assets.
- Advanced Passphrase Entry: The Trezor Model T supports advanced passphrase entry, providing an extra layer of protection to your crypto assets.
- Firmware updates: The Trezor Model T can update the firmware over-the-air, making sure that you have the latest security features and bug fixes.
Ledger or Trezor: Comparison
Now that we have a brief idea about the pros and cons of both hardware wallets, let’s take a closer look at their features, in terms of their hardware, supported currencies, price, accessibility, and security.
Ledger Vs. Trezor: User Interface
The more complicated a device is, the higher its chances of getting attacked. Ledger and Trezor have minimal and simple designs and are very easy to set up since they have strict account protocols. These include account verification and passphrase configuration.
Trezor Vs. Ledger: Hardware
The Trezor wallet comprises an ARM Cortex-M3 processor. The screen resolutions vary depending on the model, such as:
The Ledger wallet, on the other hand, functions on its own operating system called BOLOS (Blockchain Open Ledger Operating System) and a dedicated chip called Secure Elements. This latter is responsible for carrying out all the programs of the BOLOS ecosystem. Their products are as follows:
Trezor Vs. Ledger: Supported Currencies
Ledger allows for about 5,500+ cryptocurrencies, whereas Trezor supports only 5,000+. Both hardware wallets support famous altcoins like:
Ledger Nano S and Nano X support the same crypto. The Trezor Model T, on the other hand, supports more crypto than the Trezor One. To name a few:
- Binance Chain (BNB)
- Cardano (ADA)
- Eos (EOS)
- Monero (XMR)
- Ripple (XRP)
- Tezos (XTZ)
But some coins are not supported by either of the Trezor devices but are supported by both the Ledger wallets, such as:
- Avalanche (AVAX)
- Celo (CELO)
- Graph Token (GRT)
- Uniswap (UNI)
- Ocean Token (OCEAN)
- Yearn.Finance (YFT)
- Reef Finance (REEF)
- Binance Chain (BNB)
- XRP (XRP)
- Polkadot (DOT)
- Polygon (MATIC)
- Ergo (ERG)
Both of these hardware wallets have built-in crypto exchanges that help users buy, sell, and trade.
Trezor Vs. Ledger: Security
These are the most secure of all hardware wallets in terms of security because both wallets provide their users with a private key that is built into the device.
The difference between Trezor and Ledger is that the former uses a single chip base, while the latter is built on a double chip base called Secure Element (SE). As mentioned earlier, this SE provides an extra layer of security against hardware attacks.
Ledger Vs. Trezor: Ease of Use
Ledger and Trezor’s devices are designed with strict account verification and passphrase configuration, which makes the setup process relatively simple. However, users who are accustomed to touchscreens and larger displays may find it challenging to navigate the lower-end models, which feature smaller screens and only two physical buttons. Despite this, the overall setup and usage are comparable between both devices.
In terms of ease of use, the Trezor Model T receives slightly higher ratings than the Ledger Nano X, primarily due to its color touchscreen display. Although the Nano X is marginally larger than the Nano S and features more space between the physical buttons, its screen is still less user-friendly than the Trezor. Nevertheless, connecting the Ledger Nano S Plus to a cell phone via Bluetooth is easier than with the Trezor models, which require a USB connection.
Ledger Vs. Trezor: Functionality
The Ledger Live platform is available on desktop and mobile devices, and its browser extension is presently in beta testing. The Ledger Nano X model can effortlessly link with the mobile app via Bluetooth, providing users with convenient access to exchanges and Dapps.
Trezor has a desktop application, a browser extension, and an upcoming Android app, but it is not compatible with Apple’s mobile operating system. Additionally, Trezor does not offer Bluetooth connections, a feature that its developers cite as a security measure.
To stake coins and access NFT marketplaces, Trezor requires third-party integration, whereas Ledger Live applications have these features integrated into their platform.
Ledger Vs. Trezor: Tools
Ledger provides users with a comprehensive library of crypto educational resources known as Ledger Academy. This platform features device tutorials, trending content about crypto, and in-depth explainers covering a broad range of crypto topics, from blockchain fundamentals to common scams.
In contrast, Trezor’s support center is relatively less impressive, although it does offer helpful articles on how to use Trezor devices and software.
Moreover, Ledger Live provides market analysis tools that allow users to track the value of their coins. Conversely, Trezor devices require third-party software integration to access market analysis capabilities.
Ledger Vs. Trezor: Price
Trezor One and Trezor Model T are the two Trezor devices, and Ledger Nano S and Ledger Nano X are the two Ledger devices. The cost of the Trezor One and Ledger Nano S is about the same, $60 for the former and $59 for the latter.
Apart from the price, all the features are mostly the same, such as both having physical buttons and OLED screens. But users who have invested in Cardano (ADA), Monero (XMR), and Ripple (XRP) will choose Ledger Nano S as these coins are not supported by Trezor One.
Coming to the premium devices, the Ledger Nano X is a more affordable option at $149 compared to the Trezor Model T which is priced at $180. This price difference is because the Trezor Model T offers a colored touchscreen display, whereas the Nano S is only a little larger in size.
Ledger Vs. Trezor: Open-Source
An open-source platform offers multiple ways to solve a bug or an issue but also has added security risks. The Trezor wallet uses open-source software and firmware, but Ledger has its own operating system, BOLOS. This simply means that the codes that go into the Trezor device are open to all, but it is not the case for Ledger. Ledger’s device specifications and details are completely open to all.
Ledger Vs. Trezor: Password
Both wallets come with a password function. Not just that, we can set multiple passphrases that unlock a unique set of accounts.
The password function is really useful, as the wallets can have one main account and more than two hidden accounts, all with the same 24-word recovery seed. So, even if we have the recovery seed, we cannot access the corresponding wallets without the password. Moreover, if you are forced to give your password to someone, you can always choose the one with fewer assets.
For the Trezor wallet, you have to connect the device to a laptop to enter the password, which makes it vulnerable to attacks.
However, in the Ledger wallet case, the password is connected to another PIN, which can be entered using the normal keys.
As mentioned earlier, Trezor wallets have a password manager that can be accessed on the Chrome browser on Windows, Linux, and macOS laptops. To use it, you have to install the Chrome extension, Trezor Password Manager (TPM), and sign in with either your Dropbox or Google Drive.
Ledger Vs. Trezor: Mobile Application
The Ledger Live application is a must-have for users of the Ledger wallet. It can be downloaded on your desktop and mobile. The Ledger Live application serves the following functions:
- Initial wallet setup
- Manage crypto accounts
- Check your crypto balance
- Make crypto transactions (send and receive)
Trezor doesn’t have a mobile app yet, but it’s planning to roll one out later in 2021. As of now, users can leverage their Chrome extension or Trezor Bridge, which is compatible with their operating system. They also have a desktop application called Trezor Suite, which provides information on portfolio management and compatible exchanges.
As far as third-party wallet applications are concerned, Trezor offers 15, while Ledger offers 24.
Ledger Vs. Trezor: Supported OS
Final Verdict: Trezor Vs. Ledger – Ledger Takes the Lead
Ledger provides a comprehensive library of crypto educational content for its users known as Ledger Academy, which includes device tutorials, trending crypto content, and detailed explainers on various crypto-related topics ranging from the basics of blockchain to common scams.
Trezor’s support center, on the other hand, is less impressive, although it does provide useful articles on how to use Trezor devices and software.
Furthermore, Ledger Live offers market analysis tools to track the value of your coins, while Trezor devices require third-party software integration to access market analysis, which is an additional step.
Trezor vs Ledger FAQs
1. What are Ledger and Trezor?
Trezor, on the other hand, is a hardware wallet that was released in the year 2013. It is a part of SatoshiLabs and is headquartered in Prague, Czech Republic.
2. Which is a safer wallet between Ledger and Trezor?
The difference between Trezor as well as Ledger is that the former uses a single chip base, while the latter is built on a double chip base, called Secure Element (SE). As mentioned earlier, this SE provides an extra layer of security against hardware attacks.
3. Among Trezor and Ledger which is best suited for new crypto users?
4. Which crypto does Trezor support?
The Trezor Model T supports more crypto than Trezor One, such as,